to: require trustees to assess on an annual basis whether the outcomes that are being delivered by MySuper products are promoting the financial interests of MySuper members; allow the Australian Prudential Regulation Authority (APRA) to refuse, or cancel, an authority to offer a MySuper product if it has a reason to believe the registrable superannuation entity (RSE) licensee may fail to comply with its obligations; impose civil and criminal penalties on directors of RSE licensees who fail to execute their responsibilities to act in the best interests of members, or who use their position to further their own interests to the detriment of members; enable APRA to refuse authority for a change in ownership or control where it has concerns about the person seeking ownership or control, give a direction to a person to relinquish control of a RSE licensee and remove or suspend an RSE licensee where it is subject to the control of its owner; align APRA’s directions powers in relation to the superannuation industry with its broader directions powers in the banking and insurance industries; and require RSE licensees to hold annual members’ meetings;

Corporations Act 2001

and

Superannuation Industry (Supervision) Act 1993

to require superannuation funds to disclose on a semi-annual basis investments that they hold directly or through associated entities and initial investments into non-associated entities;

Financial Sector (Collection of Data) Act 2001

to provide APRA with the ability to obtain information on expenses incurred by RSE and RSE licensees in managing or operating the RSE; and

and 12 other Acts to introduce a new external dispute resolution scheme, known as the Australian Financial Complaints Authority (AFCA), to resolve disputes about products and services provided by financial firms; and five Acts to: require firms that must participate in the enhanced internal dispute resolution (IDR) framework to report their IDR activities to the Australian Securities and Investments Commission (ASIC) in accordance with ASIC requirements; provide ASIC with additional powers to determine the content and form of IDR reporting by IDR Firms and to publish this data at both the aggregate and firm level; and allow ASIC to specify, by legislative instrument, requirements for trustees and retirement savings account providers to provide written reasons for decisions in relation to complaints. Also repeals the

to: provide that prohibited goods intended to be used as medicinal cannabis products are, for the purpose of satisfying import conditions, taken to be drugs required for medical purposes; and provide that goods permitted to be supplied for the purposes stated in the

Therapeutic Goods Act 1989

for the Special Access Scheme Category-B, relating to clinical trials and authorised prescribers, will also be permitted to be supplied for the Special Access Scheme Category-A, relating to seriously ill patients with a condition from which death is reasonably likely to occur within a matter of months; and

Narcotic Drugs Act 1967

to allow the secretary to grant a licence to manufacture medicinal cannabis if satisfied it is to be supplied to a seriously ill person in accordance with certain regulatory and notification requirements.

to: enable the Australian Grape and Wine Authority to implement, facilitate and administer programs for cider and in relation to international wine tourism, and to administer grant programs for wine; change the authority’s name to Wine Australia; and amend the short title of the Act to the